Property auctions generate millions for the City.

Posted On Monday, 18 August 2003 02:00 Published by eProp Commercial Property News
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The City (of Johannesburg) auctioned off a prime site situated on Comartie Road in Hurlingham, near Sandton, for a whopping R23,9m, double its reserve price of R10,3m.

Property-Housing-Residential

The 29 000m² parcel of land was sold on the Intersite web site, by the Joburg Property Company (JPC), a council-owned company responsible for managing City property.

Buyer Teddy Greaver, on behalf of Refihlile Consortium, is likely to use the land for the development of residential property. The land is zoned for the development of cluster houses.

This was the fifth online auction of property owned by the City. Leila McKenna, Executive Director of JPC said the city had raised about R35-million from the previous four auctions.

McKenna hailed the sale price as "excellent value for the City. We have definitely chosen the right route in auctioning via the website. No other method would have raised such high returns".

McKenna said money generated by the sale could now be used "for infrastructure development in Joburg".

Last modified on Tuesday, 10 June 2014 15:38

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